Ellis Investment Partners LLC Invests $201,000 in Cummins Inc. (NYSE:CMI)

Ellis Investment Partners LLC bought a new position in Cummins Inc. (NYSE:CMI) in the 4th quarter, Holdings Channel reports. The firm bought 578 shares of the company’s stock, valued at approximately $201,000.

Several other institutional investors have also recently made changes to their positions in the company. Adell Harriman & Carpenter Inc. lifted its holdings in Cummins by 8.4% during the 4th quarter. Adell Harriman & Carpenter Inc. now owns 18,566 shares of the company’s stock valued at $6,472,000 after buying an additional 1,431 shares in the last quarter. Avestar Capital LLC lifted its holdings in Cummins by 3.2% during the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after buying an additional 31 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Cummins during the 4th quarter valued at about $4,497,000. Allspring Global Investments Holdings LLC lifted its holdings in Cummins by 320.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 37,272 shares of the company’s stock valued at $12,958,000 after buying an additional 28,400 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC lifted its holdings in Cummins by 7.3% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 761 shares of the company’s stock valued at $265,000 after buying an additional 52 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.2 %

Shares of Cummins stock opened at $373.71 on Monday. The firm’s 50 day moving average price is $361.09 and its 200-day moving average price is $339.06. The company has a quick ratio of 0.79, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52-week low of $259.06 and a 52-week high of $387.90. The company has a market cap of $51.27 billion, a P/E ratio of 13.27, a PEG ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.14 EPS. On average, sell-side analysts predict that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by company insiders.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Barclays raised their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Robert W. Baird raised their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Finally, Jefferies Financial Group raised their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $383.08.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.